The Evansville City Council on Monday approved a 19-year property tax phase-in for Professional Transportation Inc., a local company that's adding 100 jobs as part of an expansion project at its Morgan Avenue headquarters.
PTI is part of United Companies Inc., whose chief executive officer is Ron Romain. An acquisition by PTI enabled the expansion.
The company plans to invest $5.5 million to grow its Morgan Avenue headquarters. All of the new employees are to be added by 2015.
City Council on Monday gave unanimous approval to a request by Growth Alliance of Greater Evansville to phase-in property taxes for PTI.
At previous meetings, some council members bandied about the idea of having a clawback provision included with future tax phase-in packages, in the event a company reneges on economic development promises made to local officials.
But in the case of PTI, council members agreed no clawback provision was needed because of Romain's long-standing commitment to Evansville.
...
